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It is Sept. 7, and El Salvador’s Bitcoin Law has officially come into effect three months after its parliament passed the historic vote. The Central American nation is now the first country to recognize Bitcoin (BTC) as legal tender.
Tweeting earlier in the day, El Salvador President Nayib Bukele remarked “In 3 minutes, we make history.”
El Salvador has purchased 200 BTC, taking its Bitcoin holdings to 400 “coins.” The country’s parliament recently passed a $150-million Bitcoin fund to facilitate conversions from BTC to United States dollars.
Thus, more bulk Bitcoin purchases are expected, with the president even signaling intentions to ramp up the country’s BTC acquisition.
Since the vote in June, the Central American nation has enjoyed significant support from the Bitcoin community. Tuesday’s launch is expected to be commemorated with a solidarity $30 BTC purchase from several Bitcoin proponents in Latin America and worldwide.
“The big advantage Bitcoin will have for these economies is that they will not have any debt to pay to anyone. It also means that these countries will offer excellent opportunities for the adoption of cryptocurrencies and for crypto startups. This will eventually boost taxation and can become a growth point for this country.”